FOUR ADVICE: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
FOUR ADVICE
Largest movements
- Tangible fixed assets +€337,111
new in 2025: €337,111
of which Other tangible fixed assets: +€291,773
- Cash -€102,416
down €102,416 (-63.9%), from €160,187 to €57,771
mainly Investment in fixed assets (net) (-€412,915) and Debts after one year (-€139,053)
- Intangible fixed assets -€80,691
down €80,691 (-8.8%), from €921,148 to €840,457
- Reserves +€162,098
up €162,098 (+42.7%), from €379,619 to €541,717
- Debts after one year -€139,053
down €139,053 (-33.3%), from €417,176 to €278,123
- Trade debts +€105,968
up €105,968 (+767.2%), from €13,813 to €119,781
- Tax, wage and social debts -€46,068
down €46,068 (-35.1%), from €131,069 to €85,001
of which Taxes: -€46,793
- Current portion of long-term debt +€34,733
up €34,733 (+25.0%), from €139,053 to €173,786
- Gross operating margin -€60,021
down €60,021 (-8.7%), from €690,740 to €630,718
- Taxes -€33,125
down €33,125 (-42.1%), from €78,660 to €45,535
- Depreciation +€30,434
up €30,434 (+24.1%), from €126,061 to €156,495
- Staff costs -€9,144
down €9,144 (-3.3%), from €273,739 to €264,594
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,120,730 | €1,274,408 | +€153,678 | +13.7% |
| Fixed assets | 21/28 | €921,248 | €1,177,668 | +€256,420 | +27.8% |
| Intangible fixed assets | 21 | €921,148 | €840,457 | -€80,691 | -8.8% |
| Tangible fixed assets | 22/27 | - | €337,111 | +€337,111 | |
| Furniture and vehicles | 24 | - | €45,338 | +€45,338 | |
| Other tangible fixed assets | 26 | - | €291,773 | +€291,773 | |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €199,482 | €96,740 | -€102,742 | -51.5% |
| Amounts receivable within one year | 40/41 | €1,708 | €9,465 | +€7,756 | +454.0% |
| Trade receivables | 40 | €1,708 | - | -€1,708 | |
| Other amounts receivable | 41 | - | €9,465 | +€9,465 | |
| Cash at bank and in hand | 54/58 | €160,187 | €57,771 | -€102,416 | -63.9% |
| Deferred charges and accrued income | 490/1 | €37,586 | €29,504 | -€8,082 | -21.5% |
| Total equity and liabilities | 10/49 | €1,120,730 | €1,274,408 | +€153,678 | +13.7% |
| Equity | 10/15 | €419,619 | €581,717 | +€162,098 | +38.6% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €379,619 | €541,717 | +€162,098 | +42.7% |
| Distributable reserves | 133 | €379,619 | €541,717 | +€162,098 | +42.7% |
| Amounts payable | 17/49 | €701,111 | €692,691 | -€8,420 | -1.2% |
| Amounts payable after more than one year | 17 | €417,176 | €278,123 | -€139,053 | -33.3% |
| Other amounts payable | 178/9 | €417,176 | €278,123 | -€139,053 | -33.3% |
| Amounts payable within one year | 42/48 | €283,935 | €408,568 | +€124,633 | +43.9% |
| Current portion of amounts payable after more than one year | 42 | €139,053 | €173,786 | +€34,733 | +25.0% |
| Financial debts | 43 | - | €30,000 | +€30,000 | |
| Credit institutions | 430/8 | - | €30,000 | +€30,000 | |
| Trade debts | 44 | €13,813 | €119,781 | +€105,968 | +767.2% |
| Suppliers | 440/4 | €13,813 | €119,781 | +€105,968 | +767.2% |
| Taxes, remuneration and social security | 45 | €131,069 | €85,001 | -€46,068 | -35.1% |
| Taxes | 450/3 | €100,453 | €53,660 | -€46,793 | -46.6% |
| Remuneration and social security | 454/9 | €30,616 | €31,341 | +€725 | +2.4% |
| Accrued charges and deferred income | 492/3 | - | €6,000 | +€6,000 | |
| Remuneration, social security and pensions | 62 | €273,739 | €264,594 | -€9,144 | -3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €126,061 | €156,495 | +€30,434 | +24.1% |
| Other operating charges | 640/8 | €1,662 | €1,437 | -€225 | -13.6% |
| Gross operating margin | 9900 | €690,740 | €630,718 | -€60,021 | -8.7% |
| Operating profit (loss) | 9901 | €289,278 | €208,192 | -€81,086 | -28.0% |
| Financial income | 75/76B | - | €33 | +€33 | |
| Recurring financial income | 75 | - | €33 | +€33 | |
| Financial charges | 65/66B | €203 | €591 | +€389 | +191.7% |
| Recurring financial charges | 65 | €203 | €591 | +€389 | +191.7% |
| Profit (loss) for the period before taxes | 9903 | €289,075 | €207,633 | -€81,443 | -28.2% |
| Income taxes | 67/77 | €78,660 | €45,535 | -€33,125 | -42.1% |
| Profit (loss) for the period | 9904 | €210,415 | €162,098 | -€48,318 | -23.0% |
| Profit (loss) for the period to be appropriated | 9905 | €210,415 | €162,098 | -€48,318 | -23.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.